August 2014 Market Update

How’s the Market

This is an analysis of the Santa Barbara Real Estate market through the month of Auggust 2014.

Through the end of August sales of both single family dwellings and condos is down while the prices for both segments is up. In August for the Home Estate/PUD market about 13% of the home sales sold for over the asking price and for condos that number was roughly 30% with most of the over asking sales coming in the Hideaway. For Homes, the percentage of the sales price over the asking price was about 3% while for condos it was about 3.5%.  On the other side of the coin 15% of the homes listed for sale had price reductions and 27% of the condos listed had price reductions.

For August the median sales price of single family homes went up dramatically to about $1.4 million but the median list price on escrows went down to about $1 million which means it doesn’t look the median sales price on single family homes will be going up. The median sales price on condos also went up a great deal to about $715,000 with the median list price for escrows also going up but at a lesser rate so condo prices could see another rise. If the inventory continues at the present level it looks like quarter 4 sales will remain strong and that may trigger another round of price hikes.

 

Home Estate & PUD Market at a Glance

Total Sales 96

Home Estate & PUD Market Overview

Looking at the Districts, Carpinteria/Summerland sales are down from 72 to 49 but the median sales price is up from $850,000 to $1,000,000. The numbers of escrows are also down from 80 to 60 with the median list price on those escrows rising from $860,000 last year to $1,102,500 this year,

For Montecito, sales are down going from 165 to 147 with the median sales price rising from $2,424,000 to $2,800,000. Escrows are also down going from 175 to 151 but the median list price on those escrows is up from $2.495 million to $2.85 million.

 East of State St sales are down going from 228 in ’13 to 199 in ‘14 but the median sales price is up from $970,000 to $1,225,000. The escrows are also down going from 225 to 205 with the median list price on those escrows rising from $999,000 last year to $1,295,000 this year

West of State St sales are down from 187 to 155 but the median sales price is up from $867,250 to $950,000. The numbers of escrows are also down with 204 in ’13 compared to 161 in ‘14 but the median list price on those escrows is up from $885,000 last year to $912,000 his year.
Hope Ranch sales are down from 25 to 24 but the median sales price is up from $1.914 million to $2.812 million. The numbers of escrows are up however with 20 last year compared to 26 this year and the median list price on those escrows is up from $2.027 million in ’13 to $2.9 million in ‘14.
Goleta South sales are down with 84 last year and 55 this year but the median sales price is up from $705,000 to $758,800. The numbers of escrows are also down from 80 to 59 with the median list price on those escrows rising from $699,000 to $750,000.
Goleta North sales are down with 148 in ’13 and 104 in ’14 with the median sales price rising from $772,500 to $851,000. The numbers of escrows are also down from 151 to 129 with the median list price on those escrows going from $775,000 to $849,500.

 

Condo market at a Glance 

Total Sales 44

Condo market Overview

For the Condo segment of the market sales also remained strong going to 44 in August from 43 in July. The median sales price went up however from $565,000 to roughly $715,000 but the numbers of escrows went down from 41 to 39 with the median list price on those escrows rising from $560,000 to about $635,000.There were about 60 new condo listings that came on the market for the month with a median list price of about $625,000 and an average list price of approximately $710,000.  And, just like with the Home Estate/PUD market the overall inventory rose slightly from 118 units for sale at the end of July to 133 at the end of August.